" /> Fintech startup Aveni wins £520,000 funding to add AI to advice — Edinburgh Innovations

Fintech startup Aveni has secured investment of £520,000 for its video-conferencing AI technology, which aims to transform services across the financial and professional advice sectors as part of the ‘new normal’.

The seed investment is led by the Tricapital angel syndicate. Old College Capital, the University of Edinburgh’s venture fund managed by Edinburgh Innovations, is a co-investor, alongside Scottish Investment Bank and Wallace Equity.

The funding will accelerate Aveni’s growth, initially in the financial services and legal sectors, and expand its team of specialist engineers.

Client relationships

Aveni, launched with support from EI, aims to transform businesses’ interaction with clients by automating functions such as customer relations management (CRM), fact finding, risk monitoring and adviser prompts.

Its natural language processing software is tailored to the financial and professional services sectors to enhance what current video-conferencing platforms can offer.

“This backing will allow us to leverage the exceptional talent that we have on our doorstep at the University, which is in the top five globally for computation, information and cognition.”

 

Aveni CEO Joseph Twigg.

EI support

Aveni was co-founded as Hatch AI by Joseph Twigg while he was studying for an Executive MBA at the University of Edinburgh Business School in 2018, together with Dr Lexi Birch, a Senior Research Fellow and natural language specialist in the University’s School of Informatics.

Twigg has extensive experience in financial services, including six years as Global Head of Strategy and Business Management at Standard Life Aberdeen, the UK’s largest asset manager.

EI’s support for the team has included helping them develop the business proposition ahead of formally launching their company.

Twigg says the widespread adoption of video conferencing (VC) during the Covid-19 pandemic has been an enabler for new technologies such as machine learning and natural language processing.

“The impact on the service industry could be dramatic. Widespread automation will drive down cost to serve, open doors to national VC-only channels and transform both the approach to and cost of compliance.”

 

–      Aveni CEO Joseph Twigg.

Aveni, when operating as Hatch AI, was a 2019 winner of the Scottish EDGE business competition.

 

Related links

Aveni

EI services for students

Old College Capital